The information below summarizes the retirement plan contribution limits for 2023.

N/A = Not applicable

More details on the retirement plan limits are available from the IRS.

457(b) Plans

The normal contribution limit for elective deferrals to a 457(b) deferred compensation plan is increased to $22,500 in 2023. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,000. Employees taking advantage of the special pre-retirement catch-up may be eligible to contribute up to double the normal limit, for a total of $45,000.

401(a) Plans

The total contribution limit for 401(a) defined contribution plans under section 415(c)(1)(A) increased from $61,000 to $66,000 for 2023. This includes both employer and employee contributions.

401(k) Plans

The annual elective deferral limit for 401(k) plan employee contributions is increased to $22,500 in 2023. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,000. The total contribution limit for both employee and employer contributions to 401(k) plans under section 415(c)(1)(A) increased from $61,000 to $66,000 ($73,500 if age 50 or older).

403(b) Plans

The annual elective deferral limit for 403(b) plan employee contributions is increased to $22,500 in 2023. Employees age 50 or older may contribute up to an additional $7,500 for a total of $30,000. The total contribution limit for both employee and employer contributions to 403(b) plans under section 415(c)(1)(A) increased from $61,000 to $66,000 ($73,500 if age 50 or older).

IRAs

The contribution limit for traditional and Roth IRAs increased to $6,500. Employees age 50 or older are eligible to contribute an additional $1,000, for a total of $7,500.